Woody.Huband@jacksonville.com--10.02.2012--Florida State College President, Steven Wallace makes a point during the Florida State College board meeting at the north campus on Tuesday October 2, 2012.(Jacksonville.com, Woody Huband)

DOCUMENT PROVIDED BY FSCJ -- 10/4/12 -- A salary analysis sheet provided by FSCJ in regards to settlement options with school president Steve Wallace.

Image of first page of the contract between FSCJ and President Steve Wallace. (entered 10/04/12)

A Florida State College at Jacksonville trustee has been talking with lawyers about potential payouts if President Steve Wallace leaves his post — and it could cost the school as much as $851,000.

A special board meeting scheduled for Friday, with the stated purpose of discussing “employment matters,” was cancelled about 10:30 p.m. Thursday according to an email from Tracy Pierce, vice president of student services. The meeting was rescheduled for Tuesday.

The email also said the board has contracted with attorney Hank Coxe to advise it.

Before the cancellation, Yates said Thursday she would not answer questions about the meeting’s agenda. But she offered her reason for putting McCollum on the assignment — although she avoided using the word “negotiate.”

“My appointment was just so that he could continue to work on it,” Yates said.

McCollum, whose term as chairman ended Monday, could not be reached for comment.

If he resigns, according to the contract analysis obtained by the Times-Union through a public records request, the college would owe him almost $800,000 in salary, benefits, vacation and “benefit days,” which are additional vacation days for senior managers that are paid upon leaving the college. Wallace has about $250,000 available in benefit days alone.

His total payout would be the highest, according to the analysis, if he were fired without cause and offered severance. That would cost $851,000. If he were not given severance, staff said, Wallace would leave with $714,000.

The smallest settlement would be if Wallace were fired with cause, which his contract allows if he were convicted of a crime, breached the terms of the contract, neglected or “willfully failed” to perform assigned duties, or engaged in gross or willful misconduct in the college’s business affairs. That payout would be about $362,000, according to the staff calculations.

Should he resign, Wallace would depart with $796,000. His contract specifies that he should offer six months notice.

Additional documents related to “the settlement of a claim” are with Kevin Hyde, an attorney the college often hires as outside counsel — but those documents can’t be disclosed because they’re attorney-client work product, Pierce said.